Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 14, 2024

Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name: Nippon Beet Sugar Manufacturing Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
2108
URL:
https:// www.nitten.co.jp/
Representative:
Shu Ishikuri, Representative Director and President
Inquiries:
Takahiro Kusano, General Manager of Legal Department
Telephone:+81-3-6414-5527
Scheduled date of annual general meeting of shareholders:June 27, 2024
Scheduled date to commence dividend payments:
June 28, 2024
Scheduled date to file annual securities report:
June 27, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%March 31, 2024

69,297

6.6910(39.5)

1,802(9.6)

1,811

43.7

March 31, 2023

65,01311.1

1,506(32.4)

1,993(29.3)

1,260(36.2)

Note: Comprehensive income

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share

Diluted earnings
per share¥6,053 million¥1,103 million

Return on equity[448.6%][ 4.1%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

March 31, 2024

138.47

―

2.6

1.7

1.3

March 31, 2023

93.59

―

1.9

2.0

2.3

Reference:

Yen%%%

Profit or loss on investment accounted for by equity method
For the fiscal year ended March 31, 2024:¥ 36 million
For the fiscal year ended March 31, 2023:¥ 24 million(2) Consolidated financial position
Total assets
As ofNet assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2024

103,022

72,53570.4

5,647.57

March 31, 2023

103,149

68,13466.1

5,102.17

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:¥ 72,535 million¥ 68,134 million%Yen(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

13,044(1,315)(9,465)

12,853

March 31, 2023

(1,825)(1,704)

2,969

10,5892. Cash dividends
Annual dividends per shareFirstSecond
Thirdquarter-end quarter-end quarter-end
Yen
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Yen

Fiscalyear-end

Yen

Total

Yen

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Total cash
dividends(Total)Yen Millions of yen%%

―

――

50.00

50.00

667

53.4

1.0―

―

―

55.00

55.00

706

39.7

1.0―

―

―

80.00

80.00

16.6

3. Consolidated Results Forecasts for Fiscal year ending March 31, 2025
(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

YenFirst half

30,000(7.4)

900(26.8)

1,300(26.8)

6,300

405.5

490.52

Full fiscal year

67,000(3.3)

600(34.1)

1,200(33.4)

6,200

242.2

482.73

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

15,325,642 shares

As of March 31, 2023

15,325,642 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

2,482,044 shares

As of March 31, 2023

1,971,718 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

13,083,412 sharesFiscal year ended March 31, 2023

13,467,572 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended

Operating profit

Millions of yen%

Ordinary profit

Millions of yen%

Millions of yenProfit%

Millions of yen%March 31, 2024

67,1197.2

779(35.2)

1,676

5.0

1,926

92.5

March 31, 2023

62,59511.8

1,202(35.2)

1,595(31.9)

1,000(56.5)

Basic earnings
per share

Diluted earnings
per share

Fiscal year ended

Yen

March 31, 2024

147.24―

March 31, 2023

74.29

―

Yen

(2) Non-consolidated financial position
Total assets
As ofNet assets

Equity ratioNet assets per share

Millions of yen

Millions of yen

March 31, 2024

97,83164,81066.2

5,046.15

March 31, 2023

98,62360,84461.7

4,556.29

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:%¥ 64,810 million¥ 60,844 million* Financial results reports are exempt from audit conducted by certified public accountants or an auditcorporation.

Yen* Proper use of earnings forecasts, and other special matters
Financial forecasts and other forward-looking statements herein are based on information available to theCompany and certain assumptions deemed reasonable as at the time of preparing this report. Actual results
may vary significantly from the forecasts due to a wide range of factors.

Nippon Beet Sugar Manufacturing Co.,Ltd.(2108)
Summary of Consolidated Financial Results for the Fiscal Year Ended March 31,2024

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31,2023

As of March 31,2024

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable - trade

4,589

5,853

99228

216

8,527

8,379

Securities

6,0007,000

Merchandise and finished goods

29,66718,756Work in process

483

5,760

Raw materials and supplies

5,746

4,235

Accounts receivable

1,705

514

102

213

Other
Allowance for doubtful accounts
Total current assets

(6)

(6)

57,05450,931

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles,net
Land
Leased assets
Accumulated depreciation

37,94838,780(26,524)(27,068)

11,423

11,71255,141

56,652(49,126)(50,532)

6,015

6,120

6,110

6,105

53

36(31)(21)

Leased assets, net

2215

Construction in progress

611

74

Other
Accumulated depreciation
Other, net

3,063

2,901

(2,835)(2,652)

227

248

24,411

24,276513

547

Investment securities

19,527

24,952Retirement benefit asset

1,481

2,195

Other

163

120

Allowance for doubtful accounts

(1)

(0)

21,16927,266

Total property, plant and equipment
Intangible assets
Investments and other assets

Total investments and other assets
Total non-current assetsTotal assets- 1 -46,094

52,090103,149

103,022

Nippon Beet Sugar Manufacturing Co.,Ltd.(2108)
Summary of Consolidated Financial Results for the Fiscal Year Ended March 31,2024(Millions of yen)
As of March 31,2023

As of March 31,2024

Liabilities
Current liabilities
Accounts payable - trade

1,180

1,415

Short-term borrowings

18,637

10,901

Income taxes payable

100495Contract liabilities

5455

Other

5,801

6,287

Total current liabilities

25,724

19,554Non-current liabilities
Long-term borrowings

11948

Deferred tax liabilities
Provision for retirement benefits for
directors
Retirement benefit liability

3,387

5,201

1218

4,090

3,852

Other

1,680

1,811

Total non-current liabilities
Total liabilities

9,290

10,93235,01530,487

8,279

8,279

Net assets
Shareholders' equity
Share capital
Capital surplus

8,413

8,413

Retained earnings

45,521

46,664

Treasury shares(3,739)(4,724)

Total shareholders' equity

58,47358,632

9,182

12,982

(2)

7480

912

9,660

13,902

Accumulated other comprehensive income
Valuation difference on available-forsale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets- 2 -68,13472,535

103,149

103,022

Nippon Beet Sugar Manufacturing Co.,Ltd.(2108)
Summary of Consolidated Financial Results for the Fiscal Year Ended March 31,2024

Consolidated statements of income

Fiscal year ended
March31,2023(April 1,2022 toMarch 31,2023)
65,013(Millions of yen)
Fiscal year ended
March 31,2024(April 1,2023 toMarch 31,2024)
69,297

Cost of sales

49,87355,515Gross profit

15,13913,781

10,516

9,633

3,116

3,236

13,632

12,870

1,506

910

00

Dividend income
Share of profit of entities accounted forusing equity method
Other

637

950

2436

77

81

Total non-operating income

740

1,069

Interest expenses

123103

Loss on disposal of non-current assets

85

40

Idle asset expenses

3928

Net sales

Selling, general and administrative expenses
Selling expenses
General and administrative expenses
Total selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income

Non-operating expenses

Other44253

177

1,993

1,802

186

902-

943

Compensation income-133

Other20-

Total extraordinary income

206

1,979

4755-

942

243

88

063

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Subsidy income

Extraordinary losses
Loss on disposal of non-current assets
Loss on tax purpose reduction entry of noncurrent assets
Impairment losses
Other
Total extraordinary losses

291

1,149

1,908

2,633

Income taxes - current

500

794

Income taxes - deferred

147

27

Income taxes

647

821

Profit

1,260

1,811

Profit attributable to owners of parent

1,260

1,811

Profit before income taxes- 3 -Nippon Beet Sugar Manufacturing Co.,Ltd.(2108)
Summary of Consolidated Financial Results for the Fiscal Year Ended March 31,2024

Segment Information
Information on sales and profit (loss) by each segment
Ⅰ Fiscal year ended March 31,2023 (from April 1,2022 to March 31,2023)（Millions of yen）
Reportable segment
Sugar

Grocery

Agricultural
Real Estate
Materials

Feed

OtherTotal

Sub-Total

Net sales

42,8182,528

12,536

4,353

1,510

63,7471,265

65,013238

27144124

409

5,458

5,868

Total

43,0562,556

12,550

4,357

1,635

64,157

6,724

70,881

Segment profit(loss)

(243)

49

440

207

965

1,419

70

1,489

Customers
Inter-segment

Ⅱ Fiscal year ended March 31,2024 (from April 1,2023 to March 31,2024)（Millions of yen）
Reportable segment
Sugar

Grocery

Agricultural
Real Estate
Materials

Feed

OtherTotal

Sub-Total

Net sales

47,294

2,615

12,673

3,847

1,462

67,892

1,404

69,297

137

34

16

0124

312

5,294

5,607

Total

47,431

2,649

12,689

3,847

1,587

68,205

6,699

74,904

Segment profit(loss)

(552)

188

121

179

903

839

65

905

Customers
Inter-segment- 4 -